METRO WEST DAILY NEWS – A Brookline real estate firm announced Monday it has purchased the 494,000-square-foot Solomon Pond Park office campus for $34 million.
The Nordblom Company, which owns office, commercial and multi-family properties across New England and the Carolinas, bought the seven-building office complex on Donald Lynch Boulevard from Great Point Investors Monday, according to a press release from Cushman & Wakefield, which brokered the transaction.
Home to tenants including Brookfield Renewable Power, W.R. Berkley, Toshiba, Seniko Advanced Components, Areva NP and SanDisk, which recently opened a regional research and development facility at the complex, Solomon Pond Park features properties ranging from three-story buildings to stand-alone specialty buildings. Matt Pullen, executive director of Cushman & Wakefield, said the new owners will invest in the property and likely create more amenities. Along with the office space, the 50-acre complex features two-miles of landscaped walking trails, a fitness center, cafeteria with patio seating and collaborative outdoor space. The complex opened in 2002.
“I think it will be a big benefit,” said Pullen.
Pullen is unsure why Great Point Investors sold the complex. Calls to officials with the Nordblom Company and Great Point Investors LLC seeking comment were not returned Monday afternoon.
Currently, 69 percent of the office space is leased and officials hope the complex’s proximity to major highways and Marlborough’s fast-growing market will attract more companies.
“The portfolio’s location ensures its appeal to premium tenants looking for an alternative to the Boston market while maintaining proximity to the region’s intellectual capital, infrastructure and amenities,” Pullen said.
The Marlborough Economic Development Corporation’s recently released 2014 annual report found the commercial vacancy rate dipped from 17 percent in 2013 to 14 percent this year thanks to a handful of new companies moving or expanding in the city. The office vacancy rate also dropped from 24 percent to 18 percent in 2014.
Susanne Morreale-Leeber, president and CEO of the Marlborough Regional Chamber of Commerce, hopes the sale will spur development in the vacant sections of the complex.
“It’s all positive,” said Morreale-Leeber. “The more business there is the more patronage we will see at the Solomon Pond Mall. It’ll complement Donald Lynch Boulevard well.”
This article by Jeff Malachowski originally appeared here.